Garden Stage Limited Ordinary Shares (GSIW) 10-Year Financial Performance & Capital Metrics

GSIW • • Banking & Credit

Financial ServicesCapital MarketsSecurities Brokerage & Wealth ManagementInstitutional Brokerage & Wealth Management

AboutGarden Stage Limited, through its subsidiaries, provides securities dealing and brokerage, underwriting and placing, and other financial services in Hong Kong. It also offers asset management services comprising discretionary account management and fund management services. The company was incorporated in 2022 and is headquartered in Central, Hong Kong. Garden Stage Limited operates as a subsidiary of Oriental Moon Tree Limited.Show more

Net Interest Income $58K +50.2%
Total Revenue $5M +296.0%
Net Income -$4M +5.9%
Return on Equity -54.01% +43.9%
Net Interest Margin 0.37% +56.7%
Efficiency Ratio 84.73% -56.0%
ROA -26.58% +47.1%
Equity / Assets 42.16% -24.7%
Book Value per Share 0.43 -37.1%
Tangible BV/Share 0.42 -37.3%
Debt/Equity 0.03 -4.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Well capitalized: 42.2% equity/assets
✓Diversified revenue: 98.9% from non-interest income
✓Trading at only 0.3x book value

✗Weaknesses

✗Weak NIM of 0.4%
✗High cost structure: 84.7% efficiency ratio
✗Weak momentum: RS Rating 8 (bottom 8%)
✗Shares diluted 14.8% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y163.21%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg-37.92%

5Y Avg-37.92%

3Y Avg-38.35%

Latest-53.14%

Peer Comparison

Institutional Brokerage & Wealth Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FRHCFreedom Holding Corp.	7.71B	126.09	90.06	22.74%	4.16%	0.39%	20.56%	1.61
WHGWestwood Holdings Group, Inc.	173.67M	18.46	71	5.5%	2.33%	5.76%	12.1%	0.03
LPLALPL Financial Holdings Inc.	30.16B	376.83	26.86	23.2%	8.55%	22.03%		1.96
SFStifel Financial Corp.	13.26B	130.20	20.83	15.45%	12.42%	11.53%	3.14%	0.49
RJFRaymond James Financial, Inc.	33.88B	171.55	16.66	7.94%	13.42%	17.07%	6.63%	0.35
OPYOppenheimer Holdings Inc.	823.46M	79.02	12.41	14.71%	5%	9.21%		0.81
GSIWGarden Stage Limited Ordinary Shares	29.89M	0.14	-0.49	295.95%	-79.91%	14.93%		0.03
DOMHDominari Holdings Inc.	66.61M	4.16	-1.75	7.9%	-81.03%	52.5%		0.08

Profit & Loss

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Net Interest Income+	44.8K	60.84K	47.83K	38.67K	58.09K
NII Growth %	-	0.36%	-0.21%	-0.19%	0.5%
Net Interest Margin %	-	-	-	-	-
Interest Income	44.8K	60.84K	47.83K	38.67K	58.09K
Interest Expense	0	0	0	0	0
Loan Loss Provision	6.16M	112.26K	35.71K	3.36M	5.15M
Non-Interest Income+	5.96M	235.45K	367.97K	1.33M	5.34M
Non-Interest Income %	-	-	-	-	-
Total Revenue+	6.01M	296.29K	415.79K	1.36M	5.4M
Revenue Growth %	-	-0.95%	0.4%	2.28%	2.96%
Non-Interest Expense	233.79K	535.73K	1.11M	2.63M	4.58M
Efficiency Ratio	-	-	-	-	-
Operating Income+	-385.18K	-65.53K	-26.5K	-4.58M	-4.32M
Operating Margin %	-	-	-	-	-
Operating Income Growth %	-	0.83%	0.6%	-171.68%	0.06%
Pretax Income+	-329.61K	-65.53K	-26.5K	-4.58M	-4.27M
Pretax Margin %	-	-	-	-	-
Income Tax+	-66	102	-67	13.36K	43.23K
Effective Tax Rate %	-	-	-	-	-
Net Income+	-329.54K	-65.63K	-26.43K	-4.59M	-4.32M
Net Margin %	-	-	-	-	-
Net Income Growth %	-	0.8%	0.6%	-172.66%	0.06%
Net Income (Continuing)	-329.54K	-65.63K	-26.43K	-4.59M	-4.32M
EPS (Diluted)+	-0.02	-0.00	-0.00	-0.29	-0.28
EPS Growth %	-	0.8%	-	-	0.03%
EPS (Basic)	-0.02	-0.00	-0.00	-0.29	-0.28
Diluted Shares Outstanding	15M	15.25M	15.25M	13.61M	15.63M

Balance Sheet

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash & Short Term Investments+	1000K	1000K	804.74K	1000K	624.58K
Cash & Due from Banks	1.79M	1M	804.74K	2.67M	624.58K
Short Term Investments	0	0	0	0	0
Total Investments+	0	0	543.89K	0	0
Investments Growth %	-	-	-	-1%	-
Long-Term Investments	0	0	543.89K	0	0
Accounts Receivables	1000K	1000K	1000K	861.71K	1000K
Goodwill & Intangibles+	-	-	-	-	-
Goodwill	0	0	0	0	0
Intangible Assets	64.39K	63.84K	63.69K	63.89K	64.27K
PP&E (Net)	3.42K	18.93K	11.6K	301.2K	350.53K
Other Assets	29.62K	213.65K	7.77K	3.96M	1.69M
Total Current Assets	17.59M	9.94M	12.5M	12.26M	13.77M
Total Non-Current Assets	97.86K	296.42K	626.97K	4.33M	2.13M
Total Assets+	17.69M	1.31M	1.67M	16.58M	15.9M
Asset Growth %	-	-0.93%	0.28%	8.91%	-0.04%
Return on Assets (ROA)	-0.02%	-0.01%	-0.02%	-0.5%	-0.27%
Accounts Payable	14.9M	7.86M	10.29M	6.91M	8.43M
Total Debt+	0	17.59K	8.86K	289.92K	199.1K
Net Debt	-1.79M	-983.87K	-795.88K	-2.38M	-425.48K
Long-Term Debt	0	0	0	0	0
Short-Term Debt	0	0	0	0	0
Other Liabilities	0	0	0	0	0
Total Current Liabilities	17.04M	10.03M	11.18M	7.1M	9.12M
Total Non-Current Liabilities	0	70.1K	1.42M	197.93K	81.28K
Total Liabilities	17.04M	1.29M	1.42M	7.3M	9.2M
Total Equity+	642K	16.58K	248.03K	9.29M	6.7M
Equity Growth %	-	-0.97%	13.96%	36.44%	-0.28%
Equity / Assets (Capital Ratio)	-	-	-	-	-
Return on Equity (ROE)	-0.51%	-0.2%	-0.2%	-0.96%	-0.54%
Book Value per Share	0.04	0.00	0.02	0.68	0.43
Tangible BV per Share	-	-	-	-	-
Common Stock	19	147	146	1.56K	1.56K
Additional Paid-in Capital	0	0	2.02M	14.03M	15.72M
Retained Earnings	638.58K	16.3K	-10.13K	-4.67M	-8.99M
Accumulated OCI	3.42K	131	131	-10.33K	-30.91K
Treasury Stock	0	0	0	0	0
Preferred Stock	0	0	0	0	0

Cash Flow

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	10.49M	-888.95K	-239.36K	-7.09M	-1.15M
Operating CF Growth %	-	-1.08%	0.73%	-28.62%	0.84%
Net Income	-329.54K	-65.63K	-26.43K	-4.59M	-4.32M
Depreciation & Amortization	4.61K	1.4K	10.1K	10.51K	165.74K
Deferred Taxes	-66	792	-524	-2.5K	-21.19K
Other Non-Cash Items	13.21M	831.15K	226.85K	-3.32M	113.34K
Working Capital Changes	10.82M	-824.86K	-223.27K	-1.06M	1.23M
Cash from Investing+	-3.2K	-2.35K	-2.83K	-1.45K	-218.24K
Purchase of Investments	0	0	0	0	0
Sale/Maturity of Investments	0	0	0	0	0
Net Investment Activity	-	-	-	-	-
Acquisitions	0	0	0	0	0
Other Investing	0	0	0	0	0
Cash from Financing+	267.76K	-4.55K	49.54K	9.69M	263.49K
Dividends Paid	-116.08K	0	0	0	0
Share Repurchases	0	0	0	0	0
Stock Issued	0	-4.62K	796K	10.13M	0
Net Stock Activity	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0
Other Financing	383.84K	-35.43K	440.35K	-439.73K	263.49K
Net Change in Cash+	10.74M	-13.9M	-196.71K	2.62M	-1.05M
Exchange Rate Effect	-18.82K	-85.44K	-15.46K	19.27K	50.75K
Cash at Beginning	4.16M	14.9M	1M	6.32M	8.94M
Cash at End	14.9M	1M	804.74K	8.94M	7.89M
Interest Paid	0	0	0	0	0
Income Taxes Paid	0	83.11K	0	0	16.57K
Free Cash Flow+	10.49M	-891.3K	-242.19K	-7.09M	-1.37M
FCF Growth %	-	-1.08%	0.73%	-28.28%	0.81%

Banking Ratios

Metric	2021	2022	2023	2024	2025
Return on Equity (ROE)	-51.33%	-19.93%	-19.98%	-96.28%	-54.01%
Return on Assets (ROA)	-1.86%	-0.69%	-1.77%	-50.28%	-26.58%
Net Interest Margin	0.25%	4.66%	2.86%	0.23%	0.37%
Efficiency Ratio	3.89%	180.81%	267.41%	192.59%	84.73%
Equity / Assets	3.63%	1.27%	14.83%	55.99%	42.16%
Book Value / Share	0.04	0	0.02	0.68	0.43
NII Growth	-	35.81%	-21.39%	-19.15%	50.24%

Frequently Asked Questions

Growth & Financials

Garden Stage Limited Ordinary Shares (GSIW) grew revenue by 296.0% over the past year. This is strong growth.

Yes, Garden Stage Limited Ordinary Shares (GSIW) is profitable, generating $13.3M in net income for fiscal year 2025 (-79.9% net margin).

Dividend & Returns

Garden Stage Limited Ordinary Shares (GSIW) has a return on equity (ROE) of -54.0%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Garden Stage Limited Ordinary Shares (GSIW) has a net interest margin (NIM) of 0.4%. NIM has been under pressure due to interest rate environment.

Garden Stage Limited Ordinary Shares (GSIW) has an efficiency ratio of 84.7%. This is higher than peers, suggesting room for cost optimization.

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